123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Medical Device Contract Manufacturing Market Is Projected To Reach $118.9 Billion

Profile Picture
By Author: Healthcare News
Total Articles: 341
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

According to research report Medical Device Contract Manufacturing Market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8% between 2022 and 2027 according to a new report by MarketsandMarkets™. The adoption of robotics and automation in manufacturing processes is driving the efficiency with which contract manufacturers produce medical devices, hence leading to an increase in their capability of serving a larger market. However, a lack of innovation to complement these technological capabilities might pose a challenge in the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170622851
Browse in-depth TOC on Medical Device Contract Manufacturing Market
317 - Tables
62 - Figures
413 - Pages
This report divides the ...
... medical device contract manufacturing market into four segments – device type, class of device, service, and region.


During the forecast period, the Cardiovascular devices segment is expected to be the fastest growing segment of the medical device contract manufacturing market.

Under device type, cardiovascular devices is forecasted to grow at the highest CAGR from 2022 to 2027. An increase in the prevalence of cardiovascular diseases, the increased adoption of technologically advanced diagnostic and therapeutic devices, the rising awareness of safer alternatives to cardiac stents, and the growing focus on IoT-enabled features such as remote monitoring are expected to fuel the growth of this market segment.
In 2021, by class of device, Class II medical devices held the largest share of the medical device contract manufacturing market.

By class of device, the medical device contract manufacturing market can be segmented into Class I, II, and III medical devices. Due to the higher utilization of class II medical devices by OEMs and end users, this segment occupies the largest share of the market. Additionally, during the COVID-19 outbreak, governments across the world eased the regulatory compliance requirements on Class II medical devices, which immensely boosted market growth.

In 2021, North America was the region with the second largest market share in the medical device contract manufacturing market.

The medical device contract manufacturing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.

North America accounted for the second-largest share of the medical device contract manufacturing market in 2021. The strong presence of a large number of OEMs and end users of medical devices is driving the growth of the medical device contract manufacturing market in the North American region.
Medical Device Contract Manufacturing Market Dynamics:
Drivers:

Growth in medical devices market in developing countries.
Adoption of robotics and automation in manufacturing processes
Technological advancements in medical device modalities
Impact of industry 4.0 on medical device industry

Restraints:

Consolidation in medical devices market by acquiring small and medium-sized companies.

Opportunities:

Increasing healthcare expenditure, infrastructure, and awareness in developing countries
Rising geriatric population and its associated diseases

Challenges:

Lack of constant innovation to balance technological capabilities against costs

Key Market Players:
Key players in the medical device contract manufacturing market include Plexus Corp. (US), TE Connectivity Ltd. (Switzerland), Flex Ltd. (Singapore), Integer Holdings Corporation (US), and Jabil Inc. (US).

These companies adopted strategies such as product launches, partnerships, acquisitions, expansions, and agreements to strengthen their presence in the medical device contract manufacturing market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=170622851
Recent Developments:

In October 2022, Gerresheimer AG (Germany) partnered with Merck, (Germany) for the development of digital solutions for primary packaging systems.
In October 2022, Sanmina Corporation (US) entered into a joint venture with Reliance Strategic Business Ventures Limited (RSBVL) (India) to prioritize high-technology infrastructure across various industries, including medical and healthcare systems.
In August 2022, TE Connectivity Ltd. (Switzerland) launched Propelus Prototype Center for medical devices at its existing manufacturing site in Galway, Ireland to connect TE engineers with customers to reduce development time and increase speed to market lifesaving and life-improving medical devices.
In April 2022, Integer Holdings Corporation (US) acquired Aran Biomedical (Ireland) to increase Integer's ability to offer complete solutions for complex delivery and therapeutic devices in high-growth cardiovascular markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

More About the Author

An innovative professional with 6+ years of progressive experience within the Healthcare industry. with the skills to drive business growth, capitalize on new revenue potential, and manage all aspects of daily internet / eCommerce operations.

Total Views: 87Word Count: 676See All articles From Author

Add Comment

Business Articles

1. How Global Trade Finance Facilitates Cross-border Transactions And Reduces Risk
Author: Riddhi Divan

2. Innovative Uses Of Nickel In Cryogenic And Marine Environments
Author: Online fittings

3. Implementing Predictive Analytics In Your Abm Toolkit
Author: SalesMark Global

4. Comparing The Top 5 Live Commerce Platforms For 2024
Author: Amy Williams

5. Data-driven Precision Marketing For Effective Demand Generation
Author: SalesMark Global

6. Supercharge Your Sales With Optimized Pipeline Velocity
Author: SalesMark Global

7. Best Japan Tour Packages
Author: bharathi

8. Adani Group Stocks Down 20%; Gautam Adani Indicted In Us Over Bribery Charges
Author: Bizzbuzz

9. High-performance Ss Round Bars: Addressing The Energy Sector's Needs
Author: Neelkamal Alloys LLP

10. The Role Of Modern Washroom Solutions In Maintaining Cleanliness
Author: ritika krishna

11. Why Choose Premium Taxi Services In Kochi?
Author: maya

12. Black Magic Astrologer In Kasaragod
Author: Sripandith05

13. The Health Benefits Of Adding Pineapple To Your Pancakes
Author: maya

14. Top Luxury Resorts In Kerala For Your Dream Vacation
Author: maya

15. How To Start Your Shopping Website In Doha: A Simple Guide
Author: maya

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: